Brian Sokutu
Senior Print Journalist
4 minute read
4 Aug 2022
9:41 pm

How the dawn of the metaverse will change the conducting of business

Brian Sokutu

The global market for metaverse has been projected to reach US$758.6 billion by 2026.

Picture: iSTOCK

As the world enters the dawn of Web3, many people are wondering what the new era of internet will look like, with the metaverse upon us.

How will all this development change the way we do business, the manner in which we interact and how the online presence will be altered.

According to Metaverse Holdings CEO Priven Reddy, metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces.

You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialise together in 3D spaces.

“The metaverse is a virtual reality world where users can interact, game and experience things as they would in the real world.

“The successor to the internet and all the worlds of the metaverse are the equivalent to all the websites.

“We can now visualise and experience all of what the world wide web has to offer with a natural 3D user interface,” says Reddy.

ALSO READ: Is Metaverse the next step in value evolution?

A first of its kind in the world, Reddy says the metaverse is connected to the real world in hyper detail, where it will be launched in Dubai and Abu Dhabi. The United Arab Emirates (UAE) is a hotspot for tourism with its incredible attractions and it’s out of the world experiences.

Now users globally will be able to experience the incredible city of Dubai and Abu Dhabi from the comfort of their own homes – linking the physical with the digital world.

“The metaverse that we will launch, will connect to the real world utility.

“There will be virtual universities and virtual shopping malls.

“Users will be able to commute within the metaverse, book meeting rooms, engage and do consultations – all within the metaverse.

“We are basically building the Layer 2 of Dubai on Web3 as our Version 1. “The future looks very promising,” says Reddy.

The metaverse will have an enormous economic impact, with the potential to drive significant growth across every industry.

Some studies have forecast over 50% of children will have jobs related to metaverse that don’t currently exist – an example being architects designing extraordinary buildings of the metaverse and selling them on the open market and getting paid in cryptocurrency.

The global market for metaverse has been projected to reach US$758.6 billion by 2026.

According to Emergen Research, the global metaverse market size is expected to reach USD 828.95 billion in 2028 and register a revenue of 43.3% in the forecast period 2021 to 2028.

Reddy: “With the rise of Web3 and the metaverse, countries like Saudi Arabia have budgeted $6.4 billion, with $1 billion already allocated as an investment to NEOM Tech for development.

“Companies will have entire teams dedicated to thinking about ways to advertise, sell or even build a product within the metaverse.

“Entrepreneurs will have a new platform on which to build products and services that can change the world.”

Reddy said the metaverse will be released in phases, with the first two phases including Downtown Dubai, Marina and Jumeirah Beach Residence – after which the rest of Dubai and Abu Dhabi will follow.

The release will have various layers to it – covering everything from the ultimate user experiences in terms of games, social esports, shopping to building a creator economy where commerce and asset markets will be present.

Reddy: “We layered our metaverse based on seven fundamental aspects which is experience, discovery, having a creator economy, meta-universities, immersive social interactions, virtual consulting, business networking, real estate opportunities, while having a hyper realistic human interface.

“The metaverse will be fully utility driven and not a mere playground for the rich.

“I am extremely excited for the metaverse to launch, because real commerce will take place in the metaverse.

“Users are going to love this. We want you to exist in your world, but come play in ours.”

Reddy was recently listed as the #1 entrepreneur to watch out for in the technology space over the next decade by Dubai Daily.

Says Reddy: “I am so proud of the team, especially Afdal Baig who has been brought on board, after working on multi-government strategic partnerships and international relations.

“Mr Baig has now been brought on as the chief operations officer for the metaverse and Piqsol in the UAE.”

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